Key regions: United States, Canada, Netherlands, Germany, Thailand
The Cannabis market in G7 countries is experiencing significant growth and development, driven by changing consumer preferences, evolving regulatory environments, and shifting societal attitudes towards cannabis consumption.
Customer preferences: Consumers in G7 countries are increasingly favoring cannabis products for both medical and recreational use. The growing acceptance of cannabis for its therapeutic properties has led to a surge in demand for medical cannabis products. At the same time, there is a rising trend towards recreational cannabis consumption, driven by factors such as relaxation, socialization, and experimentation with new products.
Trends in the market: In the United States, the largest market in the G7, there has been a notable shift towards legalization at the state level, creating a patchwork of regulations that vary across different regions. This trend has led to a booming industry with a wide range of products catering to diverse consumer preferences. In Canada, the legalization of recreational cannabis has opened up new opportunities for businesses, leading to a proliferation of cannabis companies and products in the market.
Local special circumstances: In Germany, the medical cannabis market is rapidly expanding, fueled by increasing awareness of the therapeutic benefits of cannabis among healthcare professionals and patients. The country's healthcare system also plays a significant role in shaping the market, with insurance coverage for medical cannabis contributing to higher demand. In France, while cannabis remains largely illegal, there is a growing push for legalization, driven by changing public perceptions and the potential economic benefits of a regulated cannabis market.
Underlying macroeconomic factors: The economic impact of the cannabis market in G7 countries is substantial, with the industry creating jobs, generating tax revenue, and stimulating economic growth. The legalization of cannabis has also led to investment opportunities, with a growing number of investors looking to capitalize on the expanding market. Additionally, the COVID-19 pandemic has further accelerated the growth of the cannabis market, as consumers increasingly turn to cannabis products for stress relief and relaxation during uncertain times.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.Modeling approach / Market size:
Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.
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